Larsen and Toubro (L&T) Ltd on Tuesday proposed to buy back shares worth as much as ₹10,000 crore from its public shareholders, the engineering giant’s first such offer in its eight-decade-long history.
“We are walking the talk by returning surplus cash to shareholders in our journey to improve the group return ratios over the Lakhshya Strategic Plan period ending FY26," said S.N. Subrahmanyan, chief executive and managing director, L&T.
L&T made the buyback announcement alongside the release of its quarterly earnings. For the June quarter, L&T recorded a 46% jump in profit to ₹2,493 crore, beating analysts’ estimate of ₹2,128.5 crore.
Amid the execution of its large order book in L&T’s projects and manufacturing portfolio, the company’s consolidated revenue in the June quarter grew by 34% to ₹47,882 crore, also surpassing analysts’ estimate of ₹41,056 crore.
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